The Miami real estate market is like a Phoenix, which is defined as a great bird rising out of the ashes. Once again current residents of a Miami condominium can look out the window and see a skyline full of cranes. The Miami market has been up and down over the last few years, but one thing is for sure, and that is Miami will always be a desirable place to live, relax, and vacation.
Contrary to popular belief, there is actually a scarcity of apartments for sale in Miami at the moment. The influx of cash into the Miami market has caused a real estate boom and apartments in South Beach have been selling at a fast rate. Many visitors to the Miami area are surprised, when they consult with a Miami realtor, to find that the availability is pretty scarce. These people are still living with the impression that the market is at the bottom. Far from this fact, we are now in the middle of a real estate boom. But what has caused this complete turnaround? Mostly, it would be the foreign investor element.
Real estate and politics both have a cycle. In the current political cycle many conservative politicians are being elected to office. This has caused many people to become jittery about the current political climate. Faced with a perceived notion of government intrusion into their lives, many are scrambling to take their savings and place it in a vehicle that is deemed to be safer than in the banking systems. As a direct result, many of these people are paying cash for their Miami condominium or apartments in South Beach. Many experts in the world of real estate were caught off guard by the pace of the real estate recovery. This is because many were looking at banking industry for their cues. They incorrectly assumed that the market would not begin to recover until the banks began to lend again. However, since the foreign investors are purchasing for cash, the market recovered more quickly than anticipated.
In fact, many people who come to Miami to purchase a Miami condominium are surprised at how difficult it has become. When they meet a Miami realtor at one of the apartments for sale in Miami, they quickly come to find out that many times there has already been a full cash offer on the unit.
Purchasing a Miami condominium requires a thorough understanding of the current market place. It is highly recommended that you consult with our team of professional Miami realtors before jumping into this market. Our team at condomiami.com can guide you through this market and assist you in your search for the perfect Miami condominium.